Union Finance Minister Nirmala Sitharaman on Tuesday announced the launch of the Foreign Currency Settlement System (FCSS) at GIFT City, marking a major step in India's push to become a global financial and fintech hub.

Speaking at the Global Fintech Fest (GFF) 2025 in Mumbai, Sitharaman said FCSS will enable real-time settlement of foreign currency transactions within the International Financial Services Centre (IFSC), eliminating the current lag of up to 48 hours.